Will My House & Car Be Protected If I File Bankruptcy?

Posted almost 4 years ago. Applies to Illinois, 1 helpful vote

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Depending upon how much equity or ownership you have in your house or car will determine whether or not you can keep your house or car when filing for Chapter 7 bankruptcy. The state of Illinois allows an exemption of $15,000.00 worth of equity in a house and $2,400.00 worth of equity in a vehicle. Additionally, there is a $4,000.00 wild card exemption that can be placed over personal property.

Additional Resources

Illinois statute on personal property exemptions.

Keeping a Home and Car

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Bankruptcy exemptions

Bankruptcy exemptions are different depending on what chapter you file for, but they can allow you to keep some of your assets or reduce your required payments.

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